Quantuma appointed administrators of Basildon Credit Union Limited
Dina Devalia and Michael Kiely of business advisory firm Quantuma have been appointed as joint administrators of financial cooperative Basildon Credit Union Limited.
Founded in 1987, the credit union is based in Basildon, Essex and acts as a financial cooperative, offering its members financial security through saving and borrowing. Basildon Credit Union Limited entered administration due to regulatory and solvency issues on Monday, 17 March 2025. The credit union’s office in Basildon will close immediately.
All members funds, below the £85k limit, will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.
The administration team will assist any members who need support and FAQs with a list of useful contacts have now been published on the FSCS website: https://www.fscs.org.uk/basildon-cu/
Dina Devalia, managing director and expert on credit union administrations at Quantuma, said: “Members of the Basildon Credit Union do not need to worry. Their money is safe and the FSCS will return 100% of members’ deposits, subject to the FSCS limit.
We are working closely with the FSCS to ensure that all members will receive their money back as soon as possible. Our team is contactable by email BCU@quantuma.com or telephone on 07469 278 739 or 020 3856 6720 to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”